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Selasa, 15 Februari 2022

A Coffee Franchise by the Numbers


A Coffee Franchise by the Numbers

Franchises often make expensive partnerships though many people find them far less expensive than building a brand new business venture. There are still plenty of expenses that go into building a franchise that are often overlooked until too late. Before you even consider buying into a coffee franchise you need to sit back and take stock of your overall financial situation. Business is risky, even going the lower risk route of purchasing a franchise there is no small degree of risk involved that you will lose your investment and perhaps any collateral you had invested in your business venture.


How much cash do you have available to invest in your coffee franchise? Most franchises will require a personal commitment of finances even if you can arrange for a good portion of the costs through financing. The reason for this is that most people are going to work twice as hard when their own money is on the line to make the business a success. It is a sound business move on their behalf and one of the reasons that they are able to become franchises and maintain a solid reputation for quality goods and services.


What is your net worth? There are quite a few bigger named franchises that require you to have a certain amount of net worth before they will even discuss an investment opportunity with you. There are various reasons for this and each company has its own reasons. The bottom line is that you should expect to be asked for your total net worth and prepared to divulge that information when applying for franchise partnerships.


What are you willing to use as collateral in order to secure any business loans you may need? This is an important question to ask yourself. It is best; if at all possible, not to risk your personal home or your family's security (IRAs and 401Ks) to secure the funds needed to buy into a franchise business. That isn't always possible however and extreme caution is urged when doing so. It is best to go into this with your eyes opened to the risk rather than wearing rose colored glasses. You run the risk of losing whatever you use to secure the funds for your business. Are you willing to accept that risk? Is your family?


What money are you going to live on while building your business? It takes a little time to build a steady profit that will provide a sustainable income. Do you have enough money set aside to pull you through the lean months while you are building your business or do you have some other methods of earning income during that important time for your business?


Finances are surprisingly the most overlooked aspect of building a business such as a coffee franchise and one of the most important and necessary for doing so. You need to plan to support your family while you are building your business in addition to having the money that will be needed to start your business in the first place. It takes money to run a business and this is more true in the first few years of your business than at any other time.(red)

5 Tips for Beginning a Successful Coffee Franchise


5 Tips for Beginning a Successful Coffee Franchise

Chances are quite good that if you are beginning a coffee franchise that you have visions of successful endings and massive expansion swimming around in your dreams at night. These are good dreams to have but do not allow them to occupy your thoughts and dreams at the expense of the work at hand to grow your current coffee franchise business to the point of successful expansion and profit.

1) Study all aspects of the coffee franchise before deciding to buy. In fact, study the big picture for several different franchises before you decide to buy. What looks wonderful on the surface may look completely different upon deeper inspection. This is definitely true of businesses that you are considering as an investment. Do the numbers and pay attention to the type of support that you should expect from the franchise partner. In fact, it's a great idea to talk to others who own coffee cafes within the franchise to see how supportive the partner company really is when it comes down to it. You might be surprised and amazed by the companies that have a tendency to leave their store owners hanging and those that are very supportive of store owners and work to help make the success mutual. Go with the companies that not only meet your criteria but also work with you to help you achieve your goals.

2) Plan to work your business. This is important at least for a little while because you never know when you'll need to be able to work your business. Stuff happens in business and no matter how great you think your staff may be you never know when you will come across a staffing crisis. Be prepared to work your business if necessary in order to make it successful. In fact, working alongside your staff is a great way to build their confidence in you and make sure that everything is on the up and up.

3) Put money into your business. It takes money to make money and if you are pulling all of the profit out of your business and not investing at least half (though preferably more than half) into growing and expanding your business you are doing yourself and your business a great disservice.

4) Appreciate your staff. A little appreciation goes a long way to instilling loyalty from your employees. Set goals, give awards (and praise), and build a team of staff. You will find that by doing these things you are creating a loyal staff and a great working atmosphere.

5) Serve your customers. Repeat business is the bread and butter of any retail or service industry establishment. It takes a lot of effort on someone's behalf to get the customers to walk in the door and very little effort (or a distinct lack of effort) to insure that they will never again walk through the doors of your business.

If you make these five tips a priority in your business you should have the success you are dreaming of.(red)


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